I can understand, is easier a repository with all in one included, also you know what exact version of everything is installed and that it will not break the build process.
Yes, maybe a tool can be made for that purpose, but for local repositories, you just need to define the external folder source and the destination, comparing the files and updating according the changed ones every time you open a project. Seems a tool that's not hard to create, you can compare file dates for example. The hard thing maybe is integrating it with the IDE, or maybe not?